Greenhouse Gas Reduction Fund
The Greenhouse Gas Reduction Fund (“GGRF”) is new initiative administered by the Environmental Protection Agency to provide $27 billion in funding to support the national roll-out of the green banking model, including supporting deployment of clean energy and energy efficiency technology. The Connecticut Green Bank applauds Congress and President Biden for signing the Inflation Reduction Act (“IRA”), which included the GGRF.
The EPA has announced that the GGRF will be divided into three separate competitions. Learn more about each of them below, and how the Connecticut Green Bank is working to attract these federal funds to help support the Connecticut green economy!
National Clean Investment Fund
This $14 billion competition will fund 2-3 national nonprofits that will partner with private capital providers to deliver financing at scale to businesses, communities, community lenders, and others, catalyzing tens of thousands of clean technology projects to accelerate our progress towards energy independence and a net-zero economic future.
The Connecticut Green Bank is working with a coalition of green banks and capital providers from across the country to envision how these projects can help contribute to a greener future.
The Green Bank has provided the EPA with both written and verbal public comments on the National Climate Investment Fund competition:
Clean Communities Investment Accelerator
This $6 billion competition will fund 2-7 hub nonprofits with plans and capabilities to rapidly build the clean financing capacity of networks of public, quasi-public (e.g. the Connecticut Green Bank), and non-profit community lenders to ensure that households, small businesses, schools, and community institutions in low-income and disadvantaged communities have access to financing for cost-saving and pollution-reducing clean technology projects.
The Connecticut Green Bank is working with a coalition of capital providers from across the region to envision how these projects can help contribute to a greener future.
The Green Bank has provided the EPA with both written and verbal public comments on the Clean Communities Investment Accelerator competition:
Solar for All
This $7 billion competition will provide up to 60 grants to states, Tribal governments, municipalities, and nonprofits to expand the number of low-income and disadvantaged communities that are primed for investment in residential and community solar – enabling millions of families to access affordable, resilient, and clean solar energy.
The Connecticut Green Bank has partnered with agencies across the State, including the Department of Energy and Environmental Protection and the Public Utilities Regulatory Authority, to assemble a state-wide vision of how this funding can be used to further expand and improve our existing solar deployment programs.
The Green Bank has provided the EPA with both written and verbal public comments on the Solar for All competition:
- Listening Session – Solar for All – March 16, 2023
- Listening Session – Solar for All – May 4, 2023
- Written Public Comment – by Connecticut Consortium for Solar for All – May 10, 2023
- Solar for All Partner Connection Form – submitted by the Connecticut Green Bank, on behalf of the Connecticut Consortium, on June 16, 2023
- Notice of Intent from the State of Connecticut – Greenhouse Gas Reduction Fund Implementation Framework, Solar for All, Funding Opportunity No. EPA-R-HQ-SFA-23-01
Solar for All Request for Applications (RFI) – The Connecticut Consortium is accepting written comments on initiatives to include in its application to the EPA’s Solar for All Request for Applications that can support the successful implementation of the state’s public policies. In addition, a public meeting will be held on August 24, 2023, at 1:00 p.m.
For more information please click here to read the notice.
Envisioning the Greenhouse Gas Reduction Fund
While working to develop these three competitions, the EPA requested input from all interested parties. The Green Bank provided both written and verbal public comments:
- Written Public Comment – by Connecticut Green Bank to EFAB – December 1, 2022
- Written Public Comment – by Connecticut Green Bank to EPA – December 5, 2022
Several organizations that work closely with the Green Bank also provided input to the EPA during this process:
Public Engagement on the Greenhouse Gas Reduction Fund
Interested in learning more about how the Green Bank is contributing to the Greenhouse Gas Reduction Fund? There are a number of opportunities for learning and engagement, including:
- Spotlight on Residential Solar in Connecticut Webinar Series – webinars that cover residential solar incentive and financing programs in Connecticut as models to reduce greenhouse gas emissions, deliver benefits to low-income and disadvantaged communities, and mobilize private capital leveraging public funds, including:
- Webinar #1: Residential Solar Investment and Deployment in Connecticut: An In-Depth Review of a 10-Year Incentive Program (2012-2022) – May 4, 2023
- Further supporting data: https://storymaps.arcgis.com/stories/61309849fa0e46e289c7e4355b9c19a0
- Webinar #2: Financing Residential Solar in Connecticut #1: Insights into Loan Programs – June 5, 2023
- Further supporting data: https://storymaps.arcgis.com/stories/84ce04cdd6a44403855943539a7dae09
- Webinar #3: Financing Residential Solar in Connecticut #2: Insights into Lease and Third Party Ownership programs – August 3, 2023
- Further supporting data: https://storymaps.arcgis.com/stories/ad977ddbed5e44bba5a82f97eb7e4cfa